Home prices depreciation continued to accelerate in May. The larger 20 city index fell -2.8% YoY (consensus -2.9%), and the more bubble focused 10 city index fell -3.4% YoY.
Regional variations remain sizeable. Detroit continues to be the weakest housing market with declines of -11.1% YoY, while Seattle remains the strongest at + 9.1% YoY. Washington, DC's home prices have eroded by -6.3% YoY, not much better than Tampa's -6.6% YoY decline or San Francisco's -6.9% YoY decline.
The Case-Shiller index is based on repeat home sales. Most dealers are predicting home prices will have declined nationally at least -5% YoY by the end of 2007.
Tuesday, July 31, 2007
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